Martis Valley Lodge

Martis Valley Lodge

Truckee, CA

Located in Truckee, CA, a popular recreational destination for Bay Area travelers. The property is situated near popular tourist attractions and prime destinations such as Northstar and Palisades Tahoe ski resorts, Martis Camp, downtown Truckee, and a host of outdoor activities. Conveniently located near major transportation routes including I-80, CA 267, the Truckee Airport, as well as newly constructed bike lanes.

Asset Type

Hotel
ACQUIRED

December 2023

Scope

109 Keys

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Key Investment Thesis

Opportunity to develop a well-located hotel in a high growth and burgeoning lodging market, providing highly attractive annual cash flow returns for investors.
  • Post development recapitalization providing opportunity for new investors to participate in return growth as the hotel reaches stabilization
  • Rare off-market ground lease opportunity sourced through the Reno-Tahoe Airport Authority, with development option for adjacent land

JMA Value Creation

JMA developed the project on schedule and on budget, successfully delivering the hotel at an attractive basis. JMA then provided significant value for its “Phase 1” investors by recapitalizing the hotel in August 2022, with 4x gross returns on initial investor equity.

Quickly ramped up asset towards stabilization, despite hotel opening only months after the onset of the pandemic

Successful Phase I exit with substantial investor returns, while allowing Phase 2 investors to participate in continued upside as the property nears full stabilization
Negotiated accretive ground lease with Reno Airport Authority that features zero property tax
Managed full development and operation process from inception to hotel opening, delivering on budget in a volatile construction market
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Sawyer Hotel & Residences

The Sawyer Exterior

Sawyer Hotel & Residences

Sacramento, CA

The Sawyer Hotel and Residences at the Sawyer are the centerpieces of Downtown Commons (“DoCo”), a 1,000,000 sf JMA mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The Sawyer and DoCo were developed in a joint venture with the Sacramento Kings and was designed to leverage activity from the 17,500 seat Arena and its CBD location four blocks from the State Capitol Building.

Asset Type

Hotel

Acquired

2012

DEVELOPED

2017

Scope

250 keys, 22,000 SF of meeting space, 45 for sale residences
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Key Investment Thesis

Leverage the adjacency to the new Golden1 Center, home to the Sacramento Kings, and prime location in the heart of Sacramento’s CBD, to develop a best-in-market boutique lifestyle hotel and luxury residences with hotel services that would deliver significant premiums over the then-current room rates residential sales per SF.

  • Kimpton Sawyer Hotel – positioned as Downtown Sacramento’s rate and luxury leader, focused on the customer base and active environment derived from Arena events and an NBA affiliation in an already strong occupancy market.
  • Residences at the Sawyer – develop a residential product that did not previously exist in the market including high rise views, hotel amenities, and a prime downtown location. There is no other competitive Residential luxury product in the market.

JMA Value Creation

Downtown Commons has been a catalyst for redefining downtown Sacramento. It has transformed the once-blighted area into a fully-activated, vibrant urban core that promotes foot traffic and collaboration. JMA Ventures worked closely with the Sacramento Kings to create an ecosystem for the Kings’ organization that includes the Kings Arena, practice facilities, Class-A office headquarters, merchandise stores, and ancillary uses while also incorporating other private uses that coexist and complement their operations. JMA’s roles included the following:
Master developer for the entire entertainment sports complex and developer for the mixed-use components
Performed acquisition diligence of site
Managed development and construction
Hired and managed design team to deliver the project with favorable economics
Delivered hotel partnership with national hotel operator
Led construction financing and take-out financing efforts
Provided overall asset management, including retail & office leasing, and financial oversight
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Homewood High & Dry Marina

Homewood High & Dry Marina

Homewood, CA

Homewood High & Dry Marina consists of a large boat storage, repair shop, retail and office space. The harbor features four launch bays, three fueling stations with a public fuel dock, two DC fast chargers for on-the-water electric boat charging, two eFoil charging stations, and a head pump out station.

Asset Type

Marina

Acquired

2016

Scope

Lakefront Marina Storage
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Key Investment Thesis

Located along the beautiful shoreline of Lake Tahoe, CA Homewood High & Dry Marina has been serving the Lake Tahoe area since 1967 and was the first marina in Lake Tahoe to utilize dry rack storage. Positioned nearly at the center of the incredible West Shore, the Marina consists of indoor and outdoor dry rack storage, and on-the-water buoy storage with the ability to store over 250 boats onsite. Storage is available annually, seasonally, and short-term, including monthly, weekly, and daily. In addition, the Homewood High & Dry Marina features a harbor with four launch bays, three fueling stations with a public fuel dock, two DC fast chargers for on-the-water electric boat charging, two eFoil charging stations, and a head pump out station.

The Marina is home to a large onsite service and repair shop. From boat repairs and cleaning, to launch and fuel, the team prides themselves as “vacation savers,” jumping on mid-season boat repairs to get customers back on the water as soon as possible. As a PCM Premier Dealer, with Volvo Penta and Mercury Marine certified technicians, their Service Department has over 40 years of combined boat service experience.

Along with storage and service, the Marina works with partners to provide boat sales and boat rentals. Boats are available for purchase and demo onsite through Homewood Marina’s sales partner Superior Boat Repair & Sales. Brands feature Nautique known for ski, surf and recreational boats and Barletta featuring top-of-the-line pontoons. The public has the opportunity to get out on the water from the Marina’s harbor through boat rental partners High Sierra Waterski School and SWA Watersports.

Building upon its track record of environmental stewardship and innovation Homewood High & Dry Marina, in conjunction with Superior Boat Repair & Sales and Nautique, powered by Ingenity, worked for over three years on bringing the world’s first 100% electric watersport boat to Lake Tahoe. In the summer of 2020, the Nautique GS22E plugged into Lake Tahoe’s first on-water electric boat charging station at the Marina. The Marina continues to lead the charge on environmental stewardship with their Clean Marina certification, supporting the Clean Up the Lake effort, and participating in the Eyes on the Lake program.

 

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JMA Value Creation

Acquisition due diligence and feasibility analysis of the entire development site
Development and construction management
JMA in-house specialists worked hand-in hand with contractors and designers on redevelopment concept
Sourced and negotiated sponsorship from Fairmont to be the brand and manager of the 54 fractional hotel project
Asset managed all aspects of the project including retail lease and financial oversight
Hired and currently manage a JMA inhouse sales team for the fractional sales of the Fairmont Heritage Place

45 Third Street

45 Third Street

Mixed-Use Tower

San Francisco, CA

Entitlement of a signature mixed-use tower with hotel and residential as the focal point of project in the heart of Downtown San Francisco.

Asset Type

Hotel / Residential / Mixed-use

Acquired

Option Agreement executed 2020

DEVELOPED

TBD Development Start

Scope

600’ Mixed-use Tower

VISIT PROJECT WEBSITE

Key Investment Thesis

With a location at the convergence of business and tourist activity in San Francisco and a desirable housing and hospitality mixed use profile, 45 Third Street is poised to be one of the beneficiaries of San Francisco’s push to support new large housing-oriented developments in the City core.

 

JMA Value Creation

JMA and its partner Build Inc. were selected by the Hearst Corporation as the optionee after a highly competitive RFP process involving some of the largest and most highly regarded tower developers in the nation

Developed project concept, programming and design alongside international design firm Skidmore Owings & Merrill

Submitted project preliminary application to San Francisco Planning Department to move forward entitlement process and full entitlement
Engaged with world class membership based residential operator on 45 Third project branding and programming
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